Elderly victims of Ponzi schemer Bradley Sherwin have told the government’s class action inquiry of their “horrendous class action journey”, which led to a “pathetic outcome” in which the majority of a $12 million settlement with the Bank of Queensland went to the law firm and funder behind the case.
Westpac is facing a class action over an allegedly dishonest car loan scheme that was eventually banned by the corporate regulator.
The Australian Securities and Investments Commission has won its challenge to a tribunal ruling that overturned a permanant ban imposed on a RI Advice Group authorised financial planner who double charged his clients.
A judge on Friday dismissed Westpac’s bid for an update from litigation funder JustKapital as to whether it continues to financially back a class action against the bank over allegedly excessive insurance premiums.
The Commonwealth Bank of Australia has refused to provide sought-after documents to the lead applicants of a joint class action against it until AUSTRAC grants permission, citing concerns over possible criminal breaches if it hands over the material without the agency’s approval.
Insurance giant Allianz is facing a class action over allegedly “poor value” or worthless car and motorcycle insurance products.
DLA Piper has hired a partner to build up its finance dispute resolution and class actions practice in Australia.
A referee has been appointed to examine the fees for the liquidators of stockbroker Halifax Investment Services, which collapsed in December 2018, trapping around $200 million in client funds.
Westpac has become the latest company to discover it shortchanged workers, announcing it will pay $8 million to around 8,000 current and former staff who were not paid long service leave entitlements.
A former high-flying trader is taking ANZ to court alleging the bank dismissed him for making complaints about attempted manipulation of a key interest rate and not, as the bank claims, for his “offensive” chats with other traders.